There are only a limited number of publicly traded companies providing direct exposure to Morocco's mining sector. Steadright Critical Minerals Inc. (SCM:CSE) has deliberately positioned itself as a focused country play, assembling four strategic assets while continuing to trade at a microcap valuation.
What differentiates the company at this stage is the transition from asset acquisition to operational advancement. Mining licenses have been secured on key projects, a stockpile commercialization agreement is in place, drilling programs are being prepared, and management has articulated a clear objective of generating near-term revenue. The narrative is evolving from a portfolio build-out toward measurable execution.
About the Company
Steadright's strategy is centered exclusively on Morocco, where it controls the Historic Goundafa Polymetallic Mine, the Copper Valley copper-lead-silver project, an interest in SilverLine Mining Sarl, and the Titan Beach heavy mineral sands project.
The corporate approach is straightforward: consolidate quality mineral assets in a supportive jurisdiction and advance them along the development curve with disciplined capital allocation.
Morocco offers a stable mining framework, established infrastructure with access to major Atlantic ports, and fiscal incentives that can materially improve project economics during early production phases. For a junior company seeking to accelerate timelines, jurisdictional efficiency is not a secondary consideration; it is a core investment variable.
Goundafa: Historic Polymetallic System with Revenue Potential
Goundafa represents the most advanced asset in the portfolio. The mine operated between 1929 and 1956 and reportedly delivered grades exceeding 10% combined metals, including zinc, lead, copper, silver, and gold. Historical and conceptual interpretations suggest multi-million-tonne potential, with mineralization extending at depth and portions of the system accessible through historic underground workings.
The near-term catalyst at Goundafa is the commercialization of historic stockpiles. Approximately 14,400 tonnes of material are slated for processing under a profit-sharing structure designed to generate non-dilutive cash flow. This strategy allows the company to advance drilling and resource expansion efforts while mitigating equity dilution.
Should upcoming drilling validate historical grades and continuity, Goundafa has the potential to transition from a legacy producer narrative into a modern polymetallic development story with scale.
Copper Valley and SilverLine: Base Metal Leverage
Copper Valley provides exposure to copper and silver within a geological setting consistent with productive polymetallic systems elsewhere in Morocco. The project benefits from regional infrastructure and is expected to progress toward drilling. In the current macro environment, where copper is increasingly viewed as a strategic electrification metal, this asset adds meaningful leverage within a stable jurisdiction.
Through a right-of-first-refusal structure, Steadright also holds exposure to SilverLine Mining Sarl, which controls a licensed mineral claim in the Eastern High Atlas region. This asset introduces additional silver and base metal optionality in a recognized mining district, enhancing the company's portfolio diversification.
TitanBeach: Strategic Titanium Exposure
TitanBeach broadens the company's exposure beyond its traditional base and precious metals. Steadright holds a 75% interest in NSM Sarl, which controls multiple exploration licenses covering a substantial land position along Morocco's Atlantic coastline. The project targets titanium dioxide within heavy mineral sands.
Titanium is classified as a critical mineral due to its application in aerospace, defense, pigments, and advanced manufacturing. Global demand for secure and diversified supply chains continues to strengthen. The recent filing of a compliant technical report represents an important milestone in de-risking the project, and management has indicated interest from international groups regarding the potential offtake and prepaid arrangements.
Titan Beach introduces a distinct critical minerals component to the portfolio and positions the company within a broader strategic materials narrative.
SilverLine Mining Sarl
Through a right-of-first-refusal structure, Steadright has exposure to SilverLine Mining Sarl, which controls a licensed mineral claim in the Eastern High Atlas region. This adds further silver and base metal optionality within a recognized mining district and broadens the portfolio's metal mix.
Management
Steadright is led by CEO Matt Lewis, who combines capital markets experience with direct operational engagement in Morocco. Chairman John Theobald brings decades of international mining experience spanning operations, corporate transactions, and project evaluation.
VP Exploration Robert Palkovits contributes extensive underground and open-pit geological expertise, including senior roles at major mining operations. Technical Advisor Alan King adds global geophysical experience from leading mining companies.
For a company of this size, the technical and governance depth is noteworthy and supports the advancement strategy currently underway.
Share Structure
Steadright has approximately 53.8 million shares outstanding, with warrants and options bringing the fully diluted structure into perspective. With a market capitalization near CA$16 million, the company remains firmly within microcap territory relative to the scope of assets it controls.
This valuation disparity forms the basis of the speculative thesis. Should revenue generation commence and drilling results confirm grade and continuity, the potential for multiple expansion becomes increasingly plausible.
Technical Analysis
From a technical perspective, the shares have constructed a well-defined two-year base that resembles a large head-and-shoulders bottom. The left shoulder formed in early 2023, the head developed through the 2024 lows, and the right shoulder has been building throughout 2025. Importantly, a smaller head-and-shoulders structure has developed within the larger base, creating a nested reversal pattern, a constructive formation that often precedes more sustained advances.
Volume characteristics suggest accumulation. The prolonged decline into 2024 was accompanied by diminishing volume, while rallies throughout 2025 have shown expanding participation. That shift in volume profile typically reflects a transfer of shares from weaker holders to stronger hands.
The neckline of the larger formation sits near the CA$0.35 level, which has already been tested. The shares have challenged this breakout point and are consolidating just beneath it, suggesting pressure is building. Momentum indicators are improving, and the rising short-term moving average is beginning to turn up through the longer-term average, reinforcing the constructive setup.
A confirmed breakout above the neckline would complete the multi-year reversal pattern. Initial technical targets align near CA$0.45 and CA$0.60, followed by CA$0.85. The broader measured move from the full head-and-shoulders base projects a potential big-picture objective near CA$1.25.
As always, confirmation is critical. A decisive move through resistance on expanding volume would validate the pattern and shift the primary trend from basing to advancing. Until that occurs, the shares remain in late-stage consolidation within a constructive accumulation structure.
Conclusion
Steadright Critical Minerals Inc. (SCM:CSE) is advancing as a focused Morocco country play with licensed assets, a defined pathway toward revenue, and near-term drilling across multiple projects. The company offers exposure to a historic high-grade polymetallic system, copper and silver exploration leverage, and a titanium heavy mineral sands project, all situated within a mining-friendly jurisdiction.
Despite this diversified portfolio and operational momentum, the shares continue to trade at a valuation that appears modest relative to the company's asset base and stated objectives. The next 12 months will be pivotal. Progress on stockpile revenue, drilling validation at Goundafa, and continued advancement across the broader portfolio will likely determine whether the market begins to assign a higher multiple to the story.
At approximately CA$0.24, Steadright represents a Speculative Buy for investors willing to accept early-stage development risk in exchange for potential upside tied to revenue generation and drill confirmation.
Additional information is available at www.Steadright.ca.
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For this article, the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,550.
- Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
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John Newell Disclaimer
As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.
